Which of the following is not an accepted principle of effective budgeting? A• Flexibility B• Top management support C• Communication of results D• Responsibility accounting
Q: 29 The Home Depot is the largest home improvement retailer in the United States. Home Depot…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: F Corp. has P3,000,000 worth of investment in 10%, 7-year bonds, which the company acquired in 2018.…
A: Purchase year of bonds = 2018 Sale year of bonds = 2020 Gain = P400,000 Since bonds are sold within…
Q: A 1 Sources of Cash 2 Cash 3 Stock Issued 4 Debt Issued 5 6 7 8 9 Total Sources $130,135 $120,513…
A: Fund flow statements show the sources and uses of money during a specific time period. The causes of…
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: Calculation of plantwide predetermined overhead rate are as follows
Q: Gray Company is a consulting firm. The firm expects to have $64,000 in indirect costs during the…
A: Introduction:- The following formula used to calculate predetermined overhead rate as follows…
Q: Which of the following are service businesses? Choose all answers that are c car dealership clothing…
A: Service busines means A service business is an organisation made up of a professional or team of…
Q: After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances…
A: Account Debit Credit Personal Accounts The Receiver The Giver Real Accounts What…
Q: Single plantwide factory overhead rate Bach Instruments Inc. makes three musical instruments:…
A: Predetermined Overhead Rate :— It is the rate which is used to apply overhead to production. It is…
Q: man Corporatio pital on Commo
A: We have to prepare the shareholder equity section by adding the amount of common stock with…
Q: I. Creditors have voice in management, thru its voting power. II. Shareholders are prioritized…
A: Creditors are given the option to vote in view of a fundamental presumption that they will project…
Q: A Corp., a domestic corporation, has the following data in 2022: Gross receipts from services,…
A: The OSD allowed shall be in an amount not exceeding forty percent (40%) of their gross income.…
Q: What are some questions I can ask for an employee about their knowledge about collusion in auditing?
A: Audit To ensure that all departments are using a documented system of documenting transactions, an…
Q: [The following information applies to the questions displayed below.] Allied Merchandisers was…
A: Introduction: A business transaction is documented in the accounting records of the company using a…
Q: What happens when an owner withdraws cash for personal use? Onothing, because the cash is not for…
A: Basic accounting equation is Total assets = Total liabilities + Owners equity
Q: What are two transaction types that increase owner's equity? expenses and revenue withdrawals and…
A: Calculating owner equity requires summing up all of the company's assets and deducting all of its…
Q: Addison's earnings are subject to deductions for social security, medicare, and FIT. Addison's…
A: Gross Earnings Before taxes, benefits, and other payroll deductions are taken out of an employee's…
Q: Please interpret the numbers and compare the number, no required to explain the theory. Also answer…
A: Current Ratio = Current Assets/ Current Liabilities Quick Ratio = (Current Assets - Inventory -…
Q: Net Cash Flow From Operating Activities The following are accounting items taken from Tyrone…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit…
A: The question is based on the concept of Financial Accounting.
Q: Cost Accounting-Basic Concepts and the Job Order Cost Cycle Problem 1-16: Statement of Cost of Goods…
A: Factory superintendence is defined as a cost incurred by industry on those individuals who supervise…
Q: A $20 million loan outstanding to the Nigerian government is currently in arrears with City Bank.…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Problem 6 Asia Career Company. a manufacturing entity shows the following amounts in the cost of…
A: 1. Work in process, January 1,2022 Cost of goods manufactured = Beginning WIP +Total…
Q: What happens if a business makes $900 in sales? O assets increase and liabilities increase O assets…
A: The accounting equation is a mathematical representation of financial transactions. The accounting…
Q: Payable to Company Founder Jensen Inc. has a $500,000 note payable due to its founder, Jen Jensen.…
A: No, the Jensen Inc cannot de-recognize the liability from its financial statements.
Q: Sarah operates a printing business in Sydney. On 1 July 2018 she bought a new printing press for…
A: Depreciation is the reduction in the value of asset due to normal wear and tear Effluxion of time.…
Q: Reclassify $70,450 of property tax revenue to the Deferred Inflows of Resources account in the…
A: Introduction: The current financial found emphasis and the modified accrual basis of accounting are…
Q: What is Andrew's realized amount from the foreclosure? $205,000 $210,000 $223,000 $225,000
A: Nonrecourse Debt The only recourse available to the lender under a nonrecourse debt (loan) is the…
Q: Alabama Medical Practice had a total assets of $500,000 and an equity balance of $350,000 at the end…
A: Dollar growth in asset= Current year balance- Last year balance % growth = Dollar growth/ Last year…
Q: Astro Company sold 29,000 units of its only product and reported income of $37,800 for the current…
A: To calculate the new sales level, we need to calculate the revised cost figures and contribution…
Q: Clear Water Company reports the following balance sheet accounts as of December 31. Buildings…
A: The balance sheet is a financial statement that the company prepared for a specific period under…
Q: Profit equals: O (P x Q-V x Q) - fixed expenses.
A: PROFIT=[P X Q - V X Q]- FIXED EXPENSES
Q: For the year ended December 31, 2020, Ivanhoe Company reported the following: Net income Preferred…
A: Calculation of ending balance of Accumulated other comprehensive income are as follows
Q: Pistons Valves Cams Budgeted Volume (Units) 6,000 13,000 1,000 Direct Labor Hours Per Unit Pistons…
A: Plant wide overhead rate is simple method of cost allocation. In this method a single rate is uses…
Q: Adjusted Trial Balance January 31, 2019 Accounts Cash Office Supples Prepaid Rent Equipment…
A: Cash Flow Statement:-Indirect Method Data that demonstrates how much money a company spent or made…
Q: Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts…
A: The accounting equation states that assets equal to sum of liabilities and equity. The T-accounts…
Q: B, a resident citizen, received a statutory minimum wage of P250,000. He also earns P100,000 from…
A: A minimum wage earmer is exempt from the income tax. So, this P250,000 is exempted from the…
Q: Question: in an unlimited liability company, the shareholders are only liable to pay up to the…
A: Liabilities - Liabilities are the obligation to be paid by the company. At the time of winding up of…
Q: 1. Using the data presented below: Sales Cost of Goods Gross Profit Big Rock Candy Mountain Mining…
A: Answer - Cashflow Statement - The Cash flow statement sum up movement of cash and cash…
Q: ost Flow Methods The following three identical units of Item K113 are purchased during April:…
A: Inventory refers to the stock that the company held for the resell purpose or the inventory that is…
Q: estors opened Company Inc. on May 1, 2020. During the first month of operations, the following…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: A higher dividend payout ratio entails? A• Lower marginal cost of capital B• Higher investment…
A: Dividend Payout Ratio - It is the ratio of Net income generated by the company of which a portion is…
Q: In connection with a lease of more than 12 months, the lessee always will record each of the…
A: Explanation: When lease is of more than 12 months, the lessee always will record Asset, expense and…
Q: A local factory assembling calculators produces 400 units per month and wells them at P1,800 each.…
A: Break even point :— It is the point where total cost is equal to total revenue. It is the point…
Q: Question 25 of 30 Current Attempt in Progress Activity Cost Pools Ordering and receiving Food…
A: Particulars overhead A cost driver B overhead rate A/B Orders and receiving $93125 12500…
Q: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Information for 2020 Beginning inventory of direct materials, 1/1/2020 Purchases of direct materials…
A: Manufacturing costs are those which are incurred by an entity on the production of the goods. It…
Q: On January 1, 20x1, an entity issued a noninterest-bearing note of P1,200,000 in exchange for land.…
A: Notes payable refer to the long-term obligations of the company to repay the sum from the money owed…
Q: When inventory is purchased in a basket purchase, several steps are required. Which of the following…
A: A basket purchase is a term used to indicate when two or more items are purchased together for a…
Q: 1. Set up T-accounts, and appropriately record the debits and credits for each transa the…
A: 1. CASH…
Q: The payroll of Culver Corp. for September 2020 is as follows. Total payroll was $475,000.…
A: The process of recording business transactions in the books of accounts for the first time is…
Step by step
Solved in 3 steps
- _______ can be defined as compelling events to go according to plan. A. Budgeting B. Management by exception C. Control D. Responsibility accounting1. The organizational process of budgeting performs several important functions. Which is true? A. Assigns decision rights B. Shares knowiedge C. Measures performance D. All of the choices are correct1. Explain the concept of responsibility accounting and its relation with budgeting.2. Explain how the choice of the type of responsibility center (cost, revenue, profit, orinvestment) affects behavior.3. Discuss the concept of “budgetary slack”
- Which function is not contained in the management accounting department? a. Cost accountingb. Financial accountingc. Budgetingd. system studye, answer not givenWhich of the following is a basic element of effective budgetary control?a. cost behavior patternsb. cost-volume-profit analysisc. standard costingd. all of the aboveWhy is a clear understanding of managements goals and objectives necessary for effective budgets?
- Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating lossesQUESTION 1 a. State two objectives of budgetary planning and control systems. b. Describe three conditions under which the ABC system is more useful than a traditionalcosting system.Which among the following is a tool of management accounting? a. Risk analysis b. Budgeting c. Responsibility accounting d. All the options listed
- Budgets are an effective device to communicate a. objectives b. constraints c. expectation to personnel d. all of the choicesWhich one of the following is NOT a budgetary benefit? It establishes the organization's goal. It establishes communication between different levels of management. It reveals the organization's effectiveness. It aids in the measurement of production efficiency.Budgets are an effective device to communicate objectives constraints expectation to personnel all of the choices